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Rupee hits 5-month low against US dollar on geo-political tensions

IANS August 08, 2014 11:48 IST
Mumbai: Indian rupee was trading at a five-month low Friday, dropping to 61.70 to a dollar, as foreign funds continued to sell their stocks and fresh concerns emerged over the situation in Iraq.

After plunging to its lowest level since March  5 with a drop of as much as 38 paise over the previous close, the rupee  recovered a bit to 61.61 but the sentiments remained weak for the  Indian currency, with traders hoping for some intervention by the  central bank.

The rupee Thursday had registered one of the steepest gains in the past month.

The S&P BSE Sensex plunged as much as 298 points in trade on Friday tracking other Asian markets, which took a hit after US President Barack Obama authorised air strikes against Islamic militants in northern Iraq, said media reports.

Tracking the momentum, the 50-share Nifty index also slipped below its crucial psychological support level of 7600, weighed down by losses in banks, realty, capital goods and power stocks.